The Federal Government has ruled out a return to fuel subsidies and multiple exchange rates, insisting that it will sustain its economic reforms despite concerns raised by international investors and development partners.
Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, stated this at a news briefing on Saturday following Nigeria’s participation in the International Monetary Fund (IMF) and World Bank Group Annual Meetings in Bangkok, Thailand.
Oyedele clarified that the Nigerian National Petroleum Company Limited’s (NNPC) recent 30-day petrol retail margin discount was a temporary commercial decision aimed at reducing margins and providing relief to Nigerians, rather than a reversal of the government’s subsidy policy.
“Let me be clear: there will be no return to fuel subsidies or multiple exchange rates,” he stated.
According to the minister, the possibility of reversing the reforms featured prominently in discussions with rating agencies, investors and multilateral institutions.
He said the government remained focused on converting the gains from economic stabilisation into faster growth, increased investment and decent jobs for Nigerians.
Nigeria Records Economic Gains
Oyedele said Nigeria’s economy grew by 4.4 per cent in the second quarter of 2026, while inflation had declined for four consecutive months to less than half its peak level recorded about two years earlier.
He added that the country’s foreign reserves had risen above $35 billion.
The minister also disclosed that Nigeria’s tax-to-GDP ratio increased from approximately seven per cent three years ago to 12.5 per cent at the end of 2025, even after the rebasing of the economy.
Private capital inflows, he said, had risen nearly 20-fold, from about $300 million in 2023 to almost $6 billion in 2026.
On public debt, Oyedele maintained that Nigeria’s debt profile remained manageable at approximately 36 per cent of gross domestic product (GDP).
He added that the government was shifting its borrowing strategy towards cheaper, longer-term and more affordable financing.
FG Unveils $78.5bn Investment Projects
As part of efforts to attract more investment, the minister said the government had unveiled 65 projects valued at $78.5 billion under the Project Nigeria initiative.
The projects cover energy, transport, industry and mining, agriculture, healthcare and services. According to Oyedele, each project is backed by a feasibility study and structured to accommodate participation from local and foreign private investors.
He disclosed that investors from Asia and Europe had already submitted expressions of interest in the projects.
The initiative, he said, is designed to position Nigeria as an attractive investment destination under the theme, Partner Nigeria: Reformed, Resilient, Ready to Scale.
Oyedele added that the government would continue developing its investment pipeline through the ministry’s investment platform to create more opportunities for prospective investors.
World Bank, IMF Pledge Continued Support
On international cooperation, the minister said the World Bank Group had reaffirmed its support for Nigeria’s power and infrastructure sectors through guarantee instruments and other financing mechanisms.
He said the IMF had committed to providing continued technical support for fiscal policy implementation, transparency and national statistics.
According to Oyedele, the Islamic Development Bank and other multilateral institutions also indicated their readiness to expand sustainable financing.
He added that the United States Treasury had offered deeper technical cooperation in fiscal policy, administration and financial integrity.
The European Union, he said, had identified energy and local pharmaceutical manufacturing as priority areas for collaboration under its Global Gateway programme.
However, Oyedele cautioned against interpreting these commitments as immediate financial disbursements.
“These are commitments to work together with us, not announcements of money.
“We are playing down visibility and elevating credibility. We will not report progress as agreements until we have signed commitments and results begin to crystallise,” he said.
